Spice Money: Industry Monitoring 13 February 2019
- Priyanka Kanodia
- Feb 13, 2019
- 4 min read
Spice Money
Competitors
PayNearby–Aiming at Digital Evolution Across South East Asia
Publication- Elets Online
Edition- Online
Date- 13 February, 2019
At PayNearby, we believe that the banking process of yesteryears is up for an upgrade in partnership with banks. “Stability before scale” and “Automate or eliminate” have been two key pillars of our digital strategy from scale orientation says Anand Kumar Bajaj, Founder & CEO, PayNearby, in conversation with Harshal Desai of Elets News Network (ENN).
Let’s together create “India’s Largest Hyperlocal FinTech Network”. Will you please elaborate this statement? What has been at the core of PayNearby?
Our thesis is based on the fact that the nearest bank branch is 10 kms away from an individual, a mutual fund advisor is about 5 kms away and an insurance agent is about three kms away. But a Retail shop is 100 metres near to anyone at any time. Our work is to bring all the financial services to everyone everywhere and anytime. We will essentially leverage the presence of Retailers nearby and accentuate their existence by adding an additional layer of service which is helping them earn more and offer digital financial services in line with Government mandate. The core of PayNearby is to accentuate the presence of Retailers by harnessing mutual USPs for the larger good.
Please click on the link below:
PayNearby, Be-Bound partner to enable financial transactions in areas with limited connectivity
Publication- Elets Online
Edition- Online
Date- 13 February, 2019
For making the digital financial transactions possible across rural India, FinTech firm PayNearby has joined hands with Be-Bound. Through this partnership, Be-Bound’s patented Augmented Connectivity technology will enable financial transactions in areas with limited connectivity. This joint venture will facilitate improved connectivity to PayNearby retailers, who are facing hardships due to low data connectivity while serving customers with digital financial services in low network areas.
With the help of Augmented Connectivity, PayNearby retailer app will be able to offer services without the availability of data coverage. Augmented Connectivity helps Android apps to perform on any network, even without internet. This feature compresses the data so that the app performs even on the SMS network, so the text can be sent anywhere. With this partnership, PayNearby retailers will now be able to offer services to the end customers in a simple, efficient and connected manner. “We are intensifying our efforts to extend financial inclusion to every citizen everywhere. Our key objective is aligned with the Government’s agenda and through this partnership, we’re happy to have one less challenge to handle,” said Anand Kumar Bajaj, Founder and CEO, PayNearby.
Please click on the link below:
Industry News
Payments industry divided on RBI proposal to regulate sector
Publication- ET Tech
Edition- Online
Date- 13 February, 2019
The Reserve Bank of India’s intention to regulate payment gateway service providers has received a mixed response from industry players, with some welcoming the move and others cautioning that close regulatory scrutiny may cause operational challenges and stifle innovation. The central bank had last week announced it will release a white paper for discussion and consult companies before introducing regulations. Vishwas Patel, founder of CCAvenue Payment gateway, believes the sector doesn’t need more regulations as it already has all the safety networks in place to ensure customer money is protected.
“There is a fully functional nodal bank account system as mandated by the RBI, also all gateway entities are PCI-DSS certified ensuring security. What more will the regulator do with the fresh guidelines?” he told ET. Patel is also the chairman of industry body Payments Council of India (PCI), but clarified that his remarks were in his personal capacity. The industry body will take up the matter and organise response to the regulator only after the white paper is released, officials said.
Please click on the link below:
https://tech.economictimes.indiatimes.com/news/internet/payments-industry-divided-on-rbi-proposal-to-regulate-sector/67966157
Mescom developing integrated app for grievances redressal, bill payments
Publication- The Times of India
Edition- Online
Date- 13 February, 2019
Mangalore Electricity Supply Company Ltd has initiated steps to roll out an app that will serve as an integrated platform for consumer grievances redressal as well as a one-stop payment solution for its consumers. The power distribution company is also all set to augment its presence on various e-wallet platforms that will give digitally inclined netizens more payment options in addition to conventional payment platforms.
In an informal chat with TOI on the sidelines of a public hearing conducted by KERC into the company’s tariff filings for 2019-20, Snehal Rayamane, managing director, Mescom, said absence of the company on most e-wallet platforms was also one of the issues she noticed after taking charge. At present, Mescom consumers can pay their bill on limited e-wallet platforms – Paytm and PhonePe being two of them—compared to others electricity supply companies (escoms) in the state. Interestingly, other escoms like Bescom, Chesc, Hescom and Gescom are already present on popular e-wallet platforms such as PhonePe, Amazon Pay and MobiKwik, and are actively wooing customers with various customer-centric offers. Snehal said Mescom will strive to study the arrangements that the other escoms in the state have with these e-wallet platforms, and strive to come on board these e-wallets as well, sooner than later.
Please click on the link below:
https://timesofindia.indiatimes.com/city/mangaluru/mescom-developing-integrated-app-for-grievances-redressal-bill-payments/articleshow/67966030.cms
Digital payments: Ludhiana tops smart city ranking
Publication- The Times of India
Edition- Online
Date- 13 February, 2019
Ludhiana, the industrial capital of Punjab, has attained top rank in the country for being the fastest growing smart city that focused on digital payments. The Union ministry of housing and urban development conducted the competition in which 75 “smart cities” participated. The city secured first position among cities which have population more than 10 lakh. In 5-10 lakh population, Ujjain won awards in all three categories — best digital payment innovator, best digital payment adopter and fastest growing smart cities which focused on digital payments. Some other cities — Amravati, NDMC, Bhopal, Pune, Bhubaneswar, Ahmedabad, Pimpri Chinchwad, Solapur and Port Blair — have also been awarded in the categories. The Ludhiana municipal corporation had taken a few steps to make optimum use of digital payment methods to help residents, who had to otherwise stand in long queues to avail government services.
Comments